Brokerages Set IQIYI Inc (IQ) Target Price at $30.00
IQIYI Inc (NASDAQ:IQ) has been given a consensus recommendation of “Buy” by the six research firms that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $30.00.
Several analysts have weighed in on IQ shares. CLSA started coverage on IQIYI in a report on Tuesday. They set a “buy” rating for the company. Zacks Investment Research raised IQIYI from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a report on Saturday, August 4th. Goldman Sachs Group cut IQIYI from a “buy” rating to a “neutral” rating and set a $23.00 price objective for the company. in a report on Thursday, August 2nd. They noted that the move was a valuation call. Bank of America boosted their price objective on IQIYI from $35.50 to $41.00 and gave the stock a “neutral” rating in a report on Wednesday, August 1st. Finally, Credit Suisse Group cut IQIYI from an “outperform” rating to a “neutral” rating in a report on Wednesday, August 1st.
Several hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. acquired a new position in shares of IQIYI in the 2nd quarter valued at approximately $833,000. HighPoint Advisor Group LLC acquired a new position in IQIYI during the 2nd quarter worth approximately $259,000. Pittenger & Anderson Inc. acquired a new position in IQIYI during the 2nd quarter worth approximately $406,000. Vanguard Capital Wealth Advisors acquired a new position in IQIYI during the 2nd quarter worth approximately $943,000. Finally, Marshall Wace LLP acquired a new position in IQIYI during the 2nd quarter worth approximately $6,657,000. 5.58% of the stock is owned by institutional investors.
IQIYI (NASDAQ:IQ) last announced its quarterly earnings data on Tuesday, July 31st. The company reported ($0.45) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.30) by $1.85. The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.26 billion. IQIYI’s quarterly revenue was up 42.6% on a year-over-year basis. equities analysts expect that IQIYI will post -1.13 EPS for the current fiscal year.
IQIYI Company Profile
iQIYI, Inc, together with its subsidiaries, provides online entertainment services under the iQIYI brand name in China. It operates a platform that provides a collection of Internet video content, including professionally-produced content licensed from professional content providers and self-produced content.
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